How would you rate the revenue cycle management (RCM) of your organization? In a lot of ways, RCM is key to the financial success of a medical practice. It is important to remember that the revenue cycle has changed significantly over the years. For instance, the payment habits of patients have been modified with the advancements in technology. If you want to ensure your organization can reach its fullest potential from a financial standpoint, here are some of the most common revenue cycle management mistakes made today.
Not Communicating Effectively With Your Patients About Billing
It is never a good idea to assume that your patients are going to make payments if you are only sending them statements in the mail. If you want to increase the chance of your patients paying you on time, you should also contact them over the phone to remind them. In many cases, patients need additional reminders or further explanations of what they owe. In order to prevent any potential confusion, you should communicate with your patients at least a couple of ways when it comes to billing.
Not Following Up With Denied Claims
Many practices make the mistake of not following up with denied claims. The reason why they should not be ignored is that they are potential revenue opportunities. Although it is not always feasible to follow up with every denied claim, you certainly don’t want to miss out on potential revenue opportunities. If your practice is small, you may want to consider hiring a revenue cycle management provider to follow up with your denied claims if you do not have the resources.
Not Having Multiple Payment Options For Your Patients
If you want to enhance the patient experience at your medical organization, convenience should always be a top priority. If you do not stay somewhat current with technological trends, you run the risk of your organization appearing outdated. Today, it seems that the vast majority of individuals would rather make a payment online using their smartphone than calling or pulling out their checkbook. Many practices, however, only offer traditional payment methods which are not appealing to the younger generations.
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